Tandem Group shares tumble as group remains cautious of 'ongoing Brexit debacle'

(Sharecast News) - Despite reporting overall revenue growth, sports and leisure products distributor Tandem Group's shares tumbled on Thursday after its chairman told investors at the group's annual general meeting that there had been an ongoing decline in its more traditional independent bicycle dealer sales in the six months ended 23 June.Tandem revealed that with many more of its long-established retailers closing down during the year and an overall reduction in consumer bicycle demand, particularly in the leisure market, the unit saw "more challenging" trading during the period.However, revenues from Tandem's 'Squish' lightweight junior range was up significantly year-on-year, something the group referred to as "a particular success story".The AIM-listed group, which also reported a 26% jump in revenues for the period, said the growth was driven principally by its character licensed wheeled toy business, despite recent disappointing toy industry data and against an increasingly uncertain retail and macro-economic backdrop.Looking forward, chairman Mervyn Keene said: "Whilst we can look forward to the rest of the year with some confidence there are a number of potential threats on the horizon."In light of the ongoing Brexit debacle, we are cautious with regard to future consumer spending which is discretionary for the type of products that we supply."As of 0900 BST, Tandem shares had tumbled 19.93% to 160.15p.